Belmont Green prices second securitisation of 2023

Published on

Belmont Green, trading as Vida Homeloans, has issued its second residential mortgage-backed security (RMBS) of 2023, Tower Bridge Funding 2023-2, raising £400m to help drive lending growth across the specialist residential and buy-to-let markets.

This is the tenth RMBS transaction from Belmont Green and was supported by Barclays, NatWest and Santander. Attracting £600m of demand from UK and international investors, the Class A notes were preplaced with the Class B, C and D notes being offered publicly and oversubscribed by 6.8x, 6.2x and 3.2x respectively across the tranches.

John Rowan, CFO, Belmont Green, said: “We are pleased to have priced our second specialist mortgage deal of the year, with the transaction drawing strong support from investors.

“The demand is a testament to the strength of our portfolio and the levels of oversubscription demonstrates confidence in our investor approach and execution.”

Anth Mooney, Belmont Green’s CEO, added: “The business is on a far firmer footing than it has ever been, and we are delighted with the outcome of this transaction despite the market challenges.

“Our capital markets expertise combined with the diversified funding capability we will have as a bank, will provide a platform from which we can compete more effectively and achieve our growth ambitions.”

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

UK house prices fall at fastest rate in nearly a year

UK house prices fell by 2.7% in April, the sharpest monthly drop since mid-2024,...

Most brokers dismissive of BoE economist’s rate-cut warning

The vast majority of mortgage intermediaries have rejected the Bank of England chief economist...

Prime London property market slows in May as buyers and renters show caution

The prime London property market endured a muted May, with sales volumes and lettings...

Third of SMEs forced to pause business activity due to lack of finance

Nearly one in three UK small and medium-sized enterprises have been forced to stop...

Cost of setting up a home ‘falls below inflation’

The cost of establishing a new home has risen at a significantly slower pace...

Latest opinions

FCA’s mortgage rule changes: it’s time to raise the advice bar, not drop it

The FCA’s move to relax some of the rules around mortgage switching and term...

Tom Bill: Unintended consequences

Former Prime Minister William Pitt the Younger introduced a brick tax in 1784 to...

U.S. Market: lower rates are needed to help unlock the market

When Donald Trump was reelected and took office at the start of this year,...

Mortgage advice in jeopardy as FCA reopens the door to execution-only

Execution only and FCA’s consultation has been playing on my mind. Having navigated decades...

Other news

UK house prices fall at fastest rate in nearly a year

UK house prices fell by 2.7% in April, the sharpest monthly drop since mid-2024,...

Most brokers dismissive of BoE economist’s rate-cut warning

The vast majority of mortgage intermediaries have rejected the Bank of England chief economist...

Prime London property market slows in May as buyers and renters show caution

The prime London property market endured a muted May, with sales volumes and lettings...